Define and describe the term externalities.
What will be an ideal response?
Externalities is a concept that comes from economics and helps justify government regulatory intervention. Also referred to as spillover effects, the term is described by the text through an example of a manufacturing company acting in its own best interests by taking the cheapest route to dispose of its waste, dumping it into the river used to operate the mill. This makes it so communities downstream must pay the cost of cleaning the water and suffer the other effects of pollution. The government would thus be able to justify regulatory action charging the polluter if the downstream costs were high enough.
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After World War II, conservative economists such
as Friedrich Hayek and Milton Friedman sidelined Keynesianism with a __________ theory based on the original supply and demand of Adam Smith. A) forward-looking B) Marxist C) neoclassical D) nineteenth-century
Lobbying is ________
A) the means by which interest groups attempt to influence government officials B) the means by which political parties attempt to influence government officials C) mostly ineffective D) illegal, with such bans likely to be upheld by the courts E) currently illegal, though bans are likely to be found unconstitutional
In what ways has the role of the vice president changed over time?
What will be an ideal response?
The ?fairness doctrine required
A) broadcasters to make facilities available to all responsible parties in a community wishing to express conflicting views on issues. B) the press to refrain from publishing strategic information during wartime. C) broadcast stations to provide fair coverage of all views on public issues. D) broadcast stations to provide free air time to all candidates running for public office. E) all Internet service providers to use similar equipment.